The Central Board of Direct Taxes (CBDT) has notified the National Skill Development Corporation eligible for Income Tax Exemption.
The Board empowered under clause (46) of section 10 of the Income-tax Act, 1961 notified for the purposes of the said clause, National Skill Development Corporation, a body constituted by Central Government, in respect of the following specified income arising to that Corporation, namely Amount received in the form of Government grants, Amount received in the form of grants for skill development other Government grants; Income from Accreditation Fees, Registration fees, fees from training partners and other cost recovery from its skill development activities; Administrative & Mobilisation fees from the scheme management; Income from institutions outside India for skilling, Training & Employability; Interest on loans to Institutions for skill development; Miscellaneous income, like sale of scrap, Profit on sale of assets, RTI application fees, forfeiture of Bank Guarantee, interest on income tax refund, excess provision written back; and Interest earned.
The provisions of the notification shall be effective subject to the conditions that National Skill Development Corporation, shall not engage in any commercial activity; activities and the nature of the specified income remain unchanged throughout the financial years; and shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.
This notification shall be applicable with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
NOTIFICATION NO: 10 /2022 F
DATE: 21st January, 2022
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